filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
We derived the consolidated statement of income and other financial data for the years ended December 31, 2014, 2013 and 2012 and the selected consolidated balance sheet data as of December 31, 2014 and 2013 from the audited consolidated financial statements included elsewhere in this report. We derived the selected historical financial data for the years ended December 31, 2011 and 2010 and the selected consolidated balance sheets as of December 31, 2012, 2011 and 2010 from our audited consolidated financial statements that are not included in this report.
The selected consolidated financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited consolidated financial statements and notes thereto included elsewhere in this report. Our historical results are not necessarily indicative of the results to be expected in any future period.
| (in thousands, except per share data) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
| Consolidated statement of income data: | ||||||||||||||||||||
| Revenues, net | $ | 1,199,390 | $ | 895,171 | $ | 707,534 | $ | 519,591 | $ | 433,841 | ||||||||||
| Expenses: | ||||||||||||||||||||
| Merchant commissions | 96,254 | 68,143 | 58,573 | 51,199 | 49,050 | |||||||||||||||
| Processing | 173,337 | 134,030 | 115,446 | 84,516 | 69,687 | |||||||||||||||
| Selling | 75,527 | 57,346 | 46,429 | 36,606 | 32,731 | |||||||||||||||
| General and administrative | 205,963 | 142,283 | 110,122 | 84,765 | 78,135 | |||||||||||||||
| Depreciation and amortization | 112,361 | 72,737 | 52,036 | 36,171 | 33,745 | |||||||||||||||
| Other operating, net | (29,501 | ) | — | — | — | — | ||||||||||||||
| Operating income | 565,449 | 420,632 | 324,928 | 226,334 | 170,493 | |||||||||||||||
| Other expense (income), net | (700 | ) | 602 | 1,121 | (589 | ) | (1,319 | ) | ||||||||||||
| Equity method investment loss | 8,586 | — | — | — | — | |||||||||||||||
| Interest expense, net | 28,856 | 16,461 | 13,017 | 13,377 | 20,532 | |||||||||||||||
| Loss on early extinguishment of debt | 15,764 | — | — | 2,669 | — | |||||||||||||||
| Total other expense | 52,506 | 17,063 | 14,138 | 15,457 | 19,213 | |||||||||||||||
| Income before income taxes | 512,943 | 403,569 | 310,790 | 210,877 | 151,280 | |||||||||||||||
| Provision for income taxes | 144,236 | 119,068 | 94,591 | 63,542 | 43,384 | |||||||||||||||
| Net income | $ | 368,707 | $ | 284,501 | $ | 216,199 | $ | 147,335 | $ | 107,896 | ||||||||||
| Earnings per share: | ||||||||||||||||||||
| Earnings per share, basic | $ | 4.37 | $ | 3.48 | $ | 2.59 | $ | 1.83 | $ | 3.00 | ||||||||||
| Earnings per share, diluted | $ | 4.24 | $ | 3.36 | $ | 2.52 | $ | 1.76 | $ | 1.34 | ||||||||||
| Weighted average shares outstanding, basic | 84,317 | 81,793 | 83,328 | 80,610 | 35,434 | |||||||||||||||
| Weighted average shares outstanding, diluted | 86,982 | 84,655 | 85,736 | 83,654 | 80,751 |
| As of December 31, | ||||||||||||||||||||
| (in thousands) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
| Consolidated balance sheet data: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 477,069 | $ | 338,105 | $ | 283,649 | $ | 285,159 | $ | 114,804 | ||||||||||
| Restricted cash(1) | 135,144 | 48,244 | 53,674 | 55,762 | 62,341 | |||||||||||||||
| Total assets | 8,674,506 | 3,932,235 | 2,721,870 | 2,349,169 | 1,484,118 | |||||||||||||||
| Total debt | 3,593,717 | 1,486,378 | 925,092 | 704,265 | 469,413 | |||||||||||||||
| Total stockholders’ equity | 2,753,137 | 1,243,893 | 913,822 | 811,436 | 625,945 |
| (1) | Restricted cash represents customer deposits repayable on demand. |
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